Why You Need To Update Your Pension Provider About Personal Changes

It’s important to keep your pension provider updated with any changes in your circumstances. This includes changes to your name, address or contact details. If you don’t update your pension provider, you could lose out on precious funds in retirement. In this blog, Hilltop will tell you everything you need to know about pension updates and how to go about them. 

 The Current Situation…

Research by the Pensions Policy Institute (PPI) and Association of British Insurers (ABI) has found that there is £26.6 billion of ‘lost’ pension pots in the UK currently, with around 3 million pension pots not matched to their owner, the FT Adviser reported recently. The number of lost pension pots has risen by 73% since 2018, with the value of those lost pensions increasing by 37% over the same period. These are concerning figures, to say the least.

As a result, UK pension savers are encouraged to track down any misplaced pension pots using the government’s pension tracing service and update their details accordingly. If you’re one of those people, the small amount of time and effort it takes to keep your pension information up to date can ensure you receive all the money you’re entitled to. This simple step can significantly impact your quality of life in retirement.

Why Is It Important To Update The Personal Details On Your Pension?

Given the PPI and ABI’s findings, it’s essential to update pension details as and when required to ensure you don’t lose out on a significant sum of money when you reach retirement age. The process is relatively quick and easy, especially with the number of resources now available. Resources like the forthcoming Pensions Dashboards, which are expected to launch in 2024/25 and will be overseen by the Money and Pensions Service (MaPS).

According to MaPS, “Pensions dashboards will enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement. Dashboards will provide clear and simple information about an individual’s multiple pension savings, including their State Pension. They will also help them to reconnect with any lost pension pots.” Thereby making the process of managing pensions much simpler. 

When Should You Change Your Personal Details On Your Pension?

It’s important to keep your pension provider updated with changes in your circumstances. This includes changes to your name, address or contact details. If you need to update your pension provider, the best thing to do is to contact them directly. They can advise you on the exact process that you need to follow. In most cases, you’ll need to fill out a form and provide proof of the change (a marriage certificate, for example).

Here are some of the common changes in circumstances that warrant making a pension update:

  • Name change
  • Change of address
  • New contact details
  • Marital status 
  • Civil partnership
  • Death of a partner or spouse

How To Update Your Pension Personal Details

So, how do you go about updating your pension provider with your latest personal details? Here are a few tips:

  • Contact your pension provider – Get in touch with your pension provider as soon as you have any changes to your details.
  • Have your details at hand – Make sure you have all the relevant information to hand before contacting your pension provider. This includes your new name or address and your pension policy number.
  • Update your details as directed – Follow the instructions of your pension provider on how to update your details. This might be done online, over the phone, or in writing.

Pension Advice From Hilltop

Remember, it’s important to keep your pension provider updated with changes in your circumstances. By following the steps above, you can gain total peace of mind that your pensions and the pensions information linked to them are fully accounted for and correct. In doing so, you can ensure that you receive all the pension funds you’ve worked so hard to amass and reap the rewards with a long and enjoyable retirement. 

Having traced all your pensions, you could benefit from Hilltop’s pension review service. Our experienced team of regulated financial advisers can give you a clear picture of your pensions, providing an assessment of their performance. We can also advise you on all the options available – including annuities, drawdown and consolidation – and help you to make confident choices about the future with tailored retirement planning.

If you’d like pension advice or to arrange a consultation, please contact us on 0161 413 7051. We’re open 9am to 5pm Monday to Thursday and 9am to 4pm on Fridays. Hilltop Financial Planning is authorised and regulated by the Financial Conduct Authority. We’re ranked in the Top 100 UK Financial Advisers by FT Adviser and our advisers have over 100 years of combined experience. Together, we can ensure you make the most of your finances.

Important information: Our website offers information about investing and saving, but not personal advice. If you’re not sure which services are right for you, please request advice from Hilltop’s independent financial advisers. Remember that investments can go up and down in value, so you could get back less than you put in.

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